The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655,000 $ 85,000 $ 133,000 $ 101,000 $ 50,000 $ 226,000 $ 202,000 Inventories Raw materials Work in process Finished goods Required: Beginning $ 8,300 $ 5,500 Ending $ 10,200 $20,500 $ 79,000 $ 25,500 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost c Goods Sold. 3. Prepare an income statement.